Samsung plans to invest 180 trillion South Korean won over three years in CapEx and businesses that will drive growth, including artificial intelligence and 5G.
About 25 trillion won of the total will be allocated to AI, 5G, automotive electronics components and biopharmaceuticals. These initiatives will be led by Samsung Electronics Co. Ltd., the South Korean conglomerate's flagship company.
Samsung intends to expand its research capability in AI and "invest aggressively" in developing 5G chipsets. The company will also continue to invest heavily in its biopharmaceuticals businesses, including developing and manufacturing biosimilars to combat chronic and difficult-to-cure diseases.
Additionally, the company plans to set up and operate software education centers across South Korea, where it intends to spend 130 trillion won of its planned total investment.
Samsung said its initiatives will generate 40,000 jobs over the three-year period, including up to 20,000 jobs on top of its previous hiring plans.
As of Aug. 7, US$1 was equivalent to 1,119.20 South Korean won.